The bullish rally | 31 January 2020

GBPUSD trading plan:

We are expecting a bullish rally! The Bank of England kept interest rates steady. Financial markets had seen a 50% chance of a cut, but the Monetary Policy Committee split once again 7-2 in favor of keeping Bank Rate at 0.75% with external members Michael Saunders and Jonathan Haskel voting to lower rates. "Policy may need to reinforce the expected recovery in UK GDP growth should the more positive signals from recent indicators of global and domestic activity not be sustained or should indicators of domestic prices remain relatively weak," the BoE said in its quarterly Monetary Policy Report. This is a positive factor for the British currency!

Trading recommendation: Buy 1.3077 and take profit 1.3125.